Credit cards debt being reduced by Australians
28 September 2009
Credit cards are still a high priority for many Australians, but on the repayment side, not spending, as credit card debt was further reduced for the month of July 2009. In July, Australians repaid a massive amount to reduce total balances owed on credit cards to $44.569 billion, down $283 million.
This increase in credit cards repayments coincided with a reduction in total credit card transactions which declined by 112,000 to 127.2 million in July. What's more, the actual value of the transactions also declined, down $266 million to $19.14 billion, meaning Australian are now using their credit cards less and for less expensive transactions.
These figures, from MasterCard Australia, show that scheme debit is the principle reason behind most credit cards transactions, with this figure showing an increase of 3.85 per cent, or $2.556 billion, in scheme debit purchases in July 2009 as compared to July 2008.
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